Tuesday, October 11, 2005

Stocks Finish Near Session Lows on Interest Rate and Energy Concerns

Indices
S&P 500 1,184.87 -.21%
DJIA 10,253.17 +.14%
NASDAQ 2,061.09 -.86%
Russell 2000 630.08 -1.24%
DJ Wilshire 5000 11,816.31 -.32%
S&P Barra Growth 568.76 -.11%
S&P Barra Value 611.96 -.29%
Morgan Stanley Consumer 575.13 -.30%
Morgan Stanley Cyclical 689.72 -.22%
Morgan Stanley Technology 487.61 -.67%
Transports 3,687.73 +.60%
Utilities 408.29 +.56%
Put/Call 1.11 +9.90%
NYSE Arms 1.09 -31.46%
Volatility(VIX) 15.63 +.51%
ISE Sentiment 132.00 +1.54%
US Dollar 89.97 +.57%
CRB 330.36 +1.36%

Futures Spot Prices
Crude Oil 63.91 +.60%
Unleaded Gasoline 184.48 +.63%
Natural Gas 13.67 +.59%
Heating Oil 203.20 +.70%
Gold 478.70 -.23%
Base Metals 134.58 +.82%
Copper 183.30 -.11%
10-year US Treasury Yield 4.38% +.73%

Leading Sectors
Energy +2.25%
Oil Tankers +2.21%
Oil Service +1.38%

Lagging Sectors
Semis -1.67%
Biotech -1.88%
Alternative Energy -2.30%

Evening Review
Detailed Market Summary
Market Gauges
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Economic Calendar
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play

Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on GE.

Afternoon/Evening Headlines
Bloomberg:
- Exxon Mobil agreed today to cut pollution at seven refineries to settle cases with the US government.

AP:
- Refco Inc., the futures broker that yesterday removed Chairman and Chief Executive Officer Phillip R. Bennett after discovering that he owed the company $430 million, is the target of a SEC investigation.
- Advanced Micro Devices said third-quarter profit rose 73% because of sales of chips used in laptop and server computers.
- Apple Computer said fourth-quarter profit surged as sales of iPod music players rose to a record and back-to-school demand drove Macintosh computer shipments.
- Federal Reserve policy makers grew more concerned about inflation after Hurricane Katrina and said interest rates probably will have to move higher to restrain prices, minutes of the central bank’s Sept. 20 meeting showed.

- Iraqi negotiators reached an agreement to allow the next parliament to consider amendments to the constitution if voters approve the charter Oct. 15, a compromise that may bolster Sunni support.
BOTTOM LINE: The Portfolio finished slightly lower today as losses in my Internet longs and Energy-related shorts more than offset gains in my ETF shorts. I did not trade in the afternoon, thus leaving the Portfolio 25% net long. The tone of the market was negative today as the advance/decline line finished substantially lower, most sectors declined and volume was slightly above average. Measures of investor anxiety were mixed into the close. Overall, today’s market action was negative. It was another weak showing for the bulls. It appears more work is necessary on the downside. Most news is still being interpreted negatively and my short-term indicators of investor sentiment are registering too much complacency given recent losses.

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